SME IPO Boom: Small Companies Making Big Noise on the Market

Top Performers

1. Workmates Core2Cloud (SME)

• Almost 90% listing gain
• Strong investor interest in cloud & IT services
• Stable price after listing

2. Tenneco Clean Air (Mainboard)

• 27% listing gain
• One of the highest subscribed, strong debut

3. PhysicsWallah (Mainboard)

• Over 33% listing pop
• Ed-tech continues to attract interest despite market corrections
  
  
  
  
  
  
  

Underperformers

Mention IPOs trading below their issue price:

1. Shining Tools (SME)

• Over −25% drop from issue price
• Weak market demand and low volume selling pressure

2. Curis Lifesciences (SME)

• Nearly −6% correction
• Profit booking after listing day gains

3. Fujiyama Power Systems

• Negative from listing day
• Higher valuation concerns
• Part of the clean energy/automotive emission sector

Key Information (Based on ET – Recently Listed IPOs) 

Company	Listing Date	Issue Size	Issue Price	Listing Price	Current Price (LTP)	Gain/Loss (from IPO)	Listing Day Performance
Capillary Technologies (Mainboard)	21 Nov 2025	₹ 877 Cr	₹ 577	₹ 571.9	₹ 597.05	+5.26%	−0.88%
Fujiyama Power Systems (Mainboard)	20 Nov 2025	₹ 827 Cr	₹ 228	₹ 220	₹ 211.7	−3.48%	−3.51%
Tenneco Clean Air (Mainboard)	19 Nov 2025	₹ 3,600 Cr	₹ 397	₹ 505	₹ 475.7	−5.64%	+27.2%
Workmates Core2Cloud (SME)	18 Nov 2025	₹ 69 Cr	₹ 204	₹ 387.6	₹ 385.65	−0.5%	+90%
Mahamaya Lifescience (SME)	18 Nov 2025	₹ 70 Cr	₹ 114	₹ 116	₹ 112.5	−3.02%	+1.75%
Emmvee Photovoltaic (Mainboard)	18 Nov 2025	₹ 2,900 Cr	₹ 217	₹ 217	₹ 228.7	+5.04%	0%
Physicswallah (Mainboard)	18 Nov 2025	₹ 3,479 Cr	₹ 109	₹ 145	₹ 140.2	−4.14%	+33.03%
Curis Lifesciences (SME)	14 Nov 2025	₹ 27 Cr	₹ 128	₹ 146.1	₹ 138	−5.99%	+14.14%
Shining Tools (SME)	14 Nov 2025	₹ 17 Cr	₹ 114	₹ 104	₹ 76.6	−26.35%	−8.77%
Pine Labs (Mainboard)	14 Nov 2025	₹ 3,900 Cr	₹ 221	₹ 242	₹ 236.97	−1.96%	+9.5%